GARLAND, TEXAS — Lee & Associates has brokered the sale of a 27,161-square-foot industrial building in the northeastern Dallas suburb of Garland. According to LoopNet Inc., the building at 2025 Wall St. was constructed on 1.4 acres in 2004 and features 18-foot clear heights. Taylor Stell and Brett Lewis of Lee & Associates represented the undisclosed seller in the transaction. The buyer was also not disclosed.
DALLAS — Partners Real Estate has negotiated a 12,600-square-foot industrial lease at 5131 Sharp St. in the Brookhollow neighborhood of Dallas. Hanes Chatham Jr. and Graham Dressel of Partners represented the tenant, McMahan’s Flooring Inc., in the lease negotiations. Turner Peterson with Mercer Co. represented the landlord, locally based investment firm CanTex Capital.
LANCASTER, KY. — Atlanta-based spirits company Staghorn is underway on the development of its first distillery, named Garrard County Distilling Co., situated on a 210-acre site in Lancaster, roughly 40 miles south of Lexington in Garrard County. Upon completion, the $250 million project will feature a 50,000-square-foot distillery, as well as two rickhouses and a visitor center with a tasting room and restaurant, with plans for up to 24 aging warehouses by 2030. The distillery is expected to create more than 60 permanent jobs and produce up to 150,000 barrels of bourbon each year. A construction timeline was not disclosed.
TAMPA, FLA. — Garden Communities Florida, an affiliate of New Jersey-based Garden Communities, has delivered the first two buildings at New Tampa Palms, the developer’s new apartment community underway at 7970 Tampa Palms Blvd. in Tampa. Upon completion, the property will feature 402 units ranging from 1,264 to 1,571 square feet in one- and two-bedroom layouts. Amenities at the community will include a swimming pool, playground, fire pits, a pet park and a clubhouse with a fitness center, catering kitchen and coffee station. The property’s leasing office is now open, and monthly rental rates at the community begin at $1,075.
RICHMOND, VA. — Berkadia has brokered the sale of Belmont Hills, a 651-unit multifamily community located at 4037 Lamplighter Drive in Richmond. A joint venture led by locally based Levco Management acquired the property for an undisclosed price. Carter Wood, Drew White and Cole Carns of Berkadia represented the seller, Virginia-based Weinstein Properties, in the transaction. The property features apartments in one-, two- and three-bedroom floorplans. Amenities include a swimming pool, dog park, fitness center, clubhouse and a business center. Patrick McGlohn, Brian Gould, Miles Drinkwalter and Hunter Wood of Berkadia also secured Freddie Mac financing and sourced limited partner equity from an undisclosed party on behalf of the buyer.
VIRGINIA BEACH, VA. — Ease Capital has provided $32 million in financing for the acquisition and renovation of Dove Landing Apartments, a 318-unit multifamily community located in Virginia Beach. Community Investment Group (CIG) is the borrower. Barclay Lynch of Ease Capital originated and structured the three-year, full-term interest-only, non-recourse debt. Patrick McGlohn and Brian Gould of Berkadia secured the financing on behalf of CIG. Situated on 16.7 acres about six miles from Norfolk International Airport, Dove Landing Apartments comprises 240,880 square feet across 12 buildings. CIG plans to implement a $3.2 million capital improvement program at the property, with renovations to 155 units and upgrades throughout the community. Planned improvements include repairs to parking lots and building exteriors, as well as upgrades to landscaping and common areas including the pool area and playgrounds. Prior to the purchase, 71 units at the property were renovated. The seller and sales price were not disclosed.
BLACKSBURG, VA. — Greysteel has arranged an $18.3 million loan for the refinancing of Residence Inn Blacksburg-University in Blacksburg. The borrower, Newport Hospitality Group, built the hotel in 2017. Situated adjacent to Virginia Tech University, the hotel comprises 126 rooms. Stephen Haase of Greysteel secured the five-year, fixed-rate financing through a regional bank on behalf of the sponsor.
TAUNTON, MASS. — Quality Custom Distribution, a logistics company based in metro Dallas, has signed a 135,000-square-foot industrial lease in Taunton, located south of Boston and east of Providence. The space is located within Taunton Trade Center, a 584,640-square-foot development that features a clear height of 40 feet, 112 loading docks, 546 car parking spaces and 132 trailer stalls. Philip Verre and Pete Whoriskey of Cushman & Wakefield represented the landlord, Martignetti Cos., in the lease negotiations. Chon Kantikovit, also with Cushman & Wakefield, represented the tenant.
NEW YORK CITY — Bridge Industrial has acquired a 128,148-square-foot property located at 58-95 Maurice Ave. in the Maspeth area of Queens. The newly renovated building was originally constructed on 2.8 acres in 1998 and features a clear height of 20 feet, 10 drive-in doors and three loading docks. Tyler Peck of JLL represented the seller, Turnbridge Equities, in the transaction. Bridge Industrial was self-represented. The property was fully leased to three tenants at the time of sale.
LANGHORNE, PA. — Atlanta-based brokerage firm Hunter Hotel Advisors has negotiated the sale of the Residence Inn Philadelphia Langhorne, a 100-room hotel located on the northeastern outskirts of Philadelphia. The hotel offers an indoor pool, fitness center and meeting and event space. Spencer Davidson and David Perrin of Hunter Hotel Advisors represented the seller, MCR Hotels, in the transaction. The buyer was Maryland-based Baywood Hotels.
